FATCA tsunami about to hit

| 09/12/2011

financial tsunami.jpg(CNS Business): There is time, but not much, for funds to become compliant with the US Foreign Account Tax Compliance Act (FATCA) and, if they haven’t done so already, funds had better start putting in place policies which will deal with all the issues likely to arise from its implementation, according to a report in the latest AIMA Journal. The US government has already reached agreement on nearly US$1 billion in settlements from large foreign banks who were allegedly assisting US nationals in hiding assets and the IRS believes this is the tip of the iceberg, according to David Conen of KPMG Cayman. He said that given the scope of possible new requirements, comparing FATCA to a tsunami is a fair analogy. Read more on CNS Business

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